Date	Chamber	Action
1/10/2017	House	Session Sine Die

Statutes Amended In Order of Appearance

New Act

35 ILCS 5/208

from Ch. 120, par. 2-208

30 ILCS 105/5.866 new

30 ILCS 105/6z-101 new

Synopsis As Introduced
Creates the Property Tax Refund Act. Provides that the Department of Revenue shall issue a property tax refund of $500 each year for each parcel of qualified property for which an eligible homeowner paid property taxes. Contains provisions concerning applications. Provides that the Department may request certain information from each county assessor or supervisor of assessments. Provides that, if a county fails to submit the required information, the Department shall not certify to the State Comptroller the amount of the Local Government Distributive Fund allocated to that county until that information is submitted. Provides for implementation without reimbursement by the State. Amends the Illinois Income Tax Act to provide that the tax credit for residential real property taxes applies only for taxable years ending prior to December 31, 2015. Effective immediately.

Fiscal Note (Dept. of Revenue)

To estimate the cost the Department added to the estimate the number of senior homeowners who did not file an income tax return and the number of homeowners under the age of 65 who did not file an income tax return. Not all non-filers are homeowners. The Department estimated that between 40 percent and 70 percent of non-filers are also homeowners. The Department also added back the number of income tax filers that paid property tax but did not claim the property tax credit. This gives a potential range of refund claims between 2,634,360 and 2,851,638. The total cost of the credits is each end of the range multiplied by the $500 refund. The total cost estimate is between $1,317,000,000 and $1,430,000,000. To calculate the marginal cost of the refund we must back out to cost of the current credit leaving us with a marginal (or budgetary) cost of between $760 million and $873 million. The theoretical maximum cost of the credit can be arrived at by taking the total number of homestead exemptions multiplied $500 by less than the current credit cost (3,185,765 * 500) - 556,000,000 = $1,036,333,660. The final annual cost range is between $760 million and $1.036 billion.

Actions 

Date	Chamber	Action
2/27/2015	House	Filed with the Clerk by Rep. John Bradley
2/27/2015	House	First Reading
2/27/2015	House	Referred to Rules Committee
3/4/2015	House	Added Co-Sponsor Rep. Martin J. Moylan
3/4/2015	House	Added Co-Sponsor Rep. Lawrence Walsh, Jr.
3/4/2015	House	Added Co-Sponsor Rep. Brandon W. Phelps
3/6/2015	House	Added Co-Sponsor Rep. Sam Yingling
3/6/2015	House	Added Co-Sponsor Rep. Silvana Tabares
3/6/2015	House	Added Co-Sponsor Rep. Kathleen Willis
3/12/2015	House	Assigned to Revenue & Finance Committee
3/12/2015	House	Added Co-Sponsor Rep. Deb Conroy
3/13/2015	House	To Property Tax Subcommittee
3/19/2015	House	Recommends Do Pass Subcommittee/ Revenue & Finance Committee; 004-002-000
3/19/2015	House	Remains in Revenue & Finance Committee
3/19/2015	House	Do Pass / Short Debate Revenue & Finance Committee; 008-005-000
3/19/2015	House	Placed on Calendar 2nd Reading - Short Debate
3/26/2015	House	Added Chief Co-Sponsor Rep. Litesa E. Wallace
3/31/2015	House	Added Co-Sponsor Rep. Daniel V. Beiser
4/7/2015	House	Added Co-Sponsor Rep. Camille Y. Lilly
4/9/2015	House	Added Chief Co-Sponsor Rep. Jack D. Franks
4/13/2015	House	Added Chief Co-Sponsor Rep. Michael J. Madigan
4/14/2015	House	Second Reading - Short Debate
4/14/2015	House	Held on Calendar Order of Second Reading - Short Debate
4/14/2015	House	Fiscal Note Requested by Rep. Ron Sandack
4/20/2015	House	Fiscal Note Filed (Revised)
4/24/2015	House	Rule 19(a) / Re-referred to Rules Committee
6/4/2015	House	Added Co-Sponsor Rep. Sue Scherer
1/10/2017	House	Session Sine Die

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